Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/190117
Authors: 
Page, John M.
Year of Publication: 
2018
Series/Report no.: 
WIDER Working Paper 2018/68
Abstract: 
The exploitation of natural resources is a huge opportunity, but one that carries considerable risks. Relative prices in resource-exporting economies tend to push them towards economic structures dominated by the resource sector. This paper explores ways to achieve diversification in a resource-rich economy. It describes the relative price changes that accompany a resource boom and suggests policies and public investments to mitigate their impact. It explores some of the issues that influence the participation of local firms in the resource value chain and argues for broadening the options for diversification, through the development of "industries without smokestacks" and investments in knowledge.
Subjects: 
diversification
knowledge
local content
natural resources
tradable services
JEL: 
Q32
Q38
O25
O14
L71
F23
ISBN: 
978-92-9256-510-7
Document Type: 
Working Paper
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